Does economic growth eliminate scarcity?

Growth does not eliminate scarcity. When output grows more rapidly than population, people are better off. But they still face trade-offs. At any point along the production possibilities curve, to get more of one thing, one must give up something else.

Economics

You might also like to view...

What is the source of the U.S. fiscal imbalance and what are the painful choices that we face?

What will be an ideal response?

Economics

The Constitution of the United States expressly forbids

A) import tariffs. B) export tariffs. C) import quotas. D) export quotas.

Economics